Create a Public Bank of Alaska to support infrastructure

Will we ever learn?


In 2010, I asked Bill Walker why he was running for governor. He told me he was tired of hearing promises from politicians to bring the gas pipeline to fruition in Alaska.

I supported him then and during his successful run for the governorship in 2014. Now he has become a governor he detested. Changing from statesman to politician. Following the economic box Wall Street has placed us in. Looking for money elsewhere when we could create credit ourselves.

According to the Empire’s article on Nov. 9, our governor has gone to China for the financing of our gas-line.

Finding money from the Public Bank of China. I have observed China evolve over the last 10 years. Taking our dollars for goods they produce and, in turn, investing in infrastructure projects around the world. Now it’s Alaska’s turn. And creating thousands of jobs. But for whom? China’s infrastructure projects also bring Chinese workers. Just look at their projects around the world.

For years now I have expressed the issue of creating a Public Bank of Alaska. Sharing my knowledge with Walker along with our state legislators, including my very own Sen. Peter Micciche, R-Soldotna. It falls on deaf ears. Or just plain ignorance.

So rather than using our Permanent Fund to create a Public Bank of Alaska, we send our money to support the Public Bank of China. Just over $26 million.

And almost a million dollars from our Permanent Fund invested in the oil company in China (Sinopec) who in turn will help us build what we could do ourselves.

Unlike the Public Bank of China, a Public Bank of Alaska would never need to spend a dime of the seed money used to create it. A Public Bank of Alaska could create the credit needed for infrastructure projects.

Our Permanent Fund investments are never directed toward Alaska infrastructure projects. So Walker has gone to China’s Permanent Fund (China Investment Corporation) to find the dollars needed.

Will we ever learn? Successful economies are always based on infrastructure. Unlike the entanglements of foreign investments in our infrastructure, we must find another way outside the foolishness of Wall Street economics.

Create the credit needed for infrastructure through a Public Bank of Alaska and watch Alaska prosper.

Ray Southwell,


• My Turns and Letters to the Editor represent the view of the author, not the view of the Juneau Empire.


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